With tax year end just around the corner, it’s time to check you are making the most of your tax reliefs and allowances to save for a brighter future. You may want to consider:

Employees: sacrifice your bonus for an employer pension contribution

We’re approaching ‘bonus season’ for many companies. ‘Exchanging’ a bonus for an employer pension contribution before the tax year end can bring several benefits.

The employer and employee National Insurance (NI) savings made could be used to boost pension funding, giving more in the pension pot for every £1 lost from take-home pay.

Key information

  • Size of bonus.
  • Pension annual allowance available from current year and previous 3 years.
  • Does employer allow bonus sacrifice?
  • Employer willingness to share NI savings.

Please be aware that the value of investments and the income derived from them can fall as well as rise and you may not get back what you invest. The Financial Conduct Authority does not regulate tax advice.


Effective tax planning is a year round job. It’s only at the end of the tax year that you have all the pieces to complete the planning jigsaw, but there are steps you can take now to get ahead of the game and give yourself time to put plans in place. And with less than 7 weeks until 6 April, there’s no time like the present to get started.